Wake Forest rules can be summed up with the following words: "Don't do anything stupid." No one—not campus police, not RAs—is going to bother you unless you are belligerently drunk or passed out. The administration and campus police will tolerate controlled and responsible parties and behavior. People get in trouble when they are being rowdy out in the open. Be safe and discrete, and you will be fine.
Regarding academics, Wake Forest is very strict. A single instance of plagiarism or cheating can result in suspension from school. The Honor Code of the University is something that faculty, students, and administration take very seriously. You do not want to have to go before the Honors and Ethics Council for a violation. Attendance can also be very strict in class, and a lack of it can result in a lower grade. This really depends on the professor and class, but with mostly small classes, it is very obvious when you are not present.